Ann: Successful Completion of Retail Entitlement Offer, page-115

It is simply not the way to do it.
NUH is an illiquid stock. Therefore the approriate strategy is to sell in small tranches over many days not load up the whole order.
This person loaded up the whole order, which then precipitated other sellers to load up and the smaller sellers to come in over them to sell down pushing the price lower. Before that 600k was put in the sell side was looking very thin. Why not do tranches of 40-50k per day. Instead they sold at 11.5c and the stock bounced back to 13c. If they were sensible and patient they could of got a far better price with minimal price impact. Aim for 20-30% of daily volume.